Common use of Unit Reclassification Clause in Contracts

Unit Reclassification. Effective as of 5:00 p.m., Central Standard Time, on July 10, 2008 (the “Reclassification Effective Time”) each Unit outstanding immediately prior to the Reclassification Effective Time owned by a Member who is the record holder (as such term is used in the Securities Exchange Act of 1934, as amended) of 20 or fewer Units shall, by virtue of this Section 4.7 and without any action on the part of the holder thereof, hereafter be reclassified as a Class A-1 Unit, on the basis of one (1) Class A-1 Unit for each Unit held by such Member. Each Unit outstanding immediately prior to the Reclassification Effective Time owned by a Member who is the record holder of more than 20 Units shall not be reclassified and shall continue in existence, but such Units shall hereafter be referred to as a Class A Unit.